C A L I F O R N I A E N E R G Y C O M M I S S I O N

Renewable Geothermal Power –Supercritical CO2 Technology and

California’s Need for Flexibility

Holtville, CaliforniaJohn R. Muir

4300 Horton Street, Unit 15

Emeryville, CA 94608

Office: (888) 320-2721

www.greenfireenergy.com

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John R. Muir• Senior Vice President – Business Development

• GreenFire Energy, Inc.– GreenFire Energy’s ECO2G™ technology could transform the

global geothermal power industry by overcoming the risk andresource constraints that have severely limited hydrothermalprojects, and will generate clean, safe and reliable power atcompetitive prices.

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• MBA with 30 years’ experiencefocusing on disruptive technologydevelopment for large opportunitymarkets

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Andrew J. Van Horn• Senior Advisor

• GreenFire Energy Advisory Board

• Ph.D. with 35+ years’ experience as aneconomic, technical and regulatoryconsultant to utilities, EPRI, EPA, IPPgenerators, and energy and environmentalmarket participants

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GreenFire Energy Inc.Reinventing Geothermal Power

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MissionDevelop utility-scale CO2-based geothermal energy(ECO2G™) technology for global applications

Develop, demonstrate, and commercialize ECO2G™

Identify, finance, develop, and operate sites in the UnitedStates and abroad

MarketMulti-billion dollar market for electrical power thatincreasingly requires:

Renewable fuel and power resources

Zero carbon emissions

Limited water consumption

24/7 baseload availability with flexible dispatch

Commercial scale

Competitive costs

Global applications

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ECO2G™ RevolutionizesGeothermal Power Generation

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Conventional Hydrothermal Closed –Loop CO2 Geothermal

Requires heat, water and permeability Requires heat

Supercritical CO2 flows through sealed well

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ECO2G™: Advanced TechnologyEnables a Superior Business Model

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Expands the range of geothermal; globally replicable

Generates power where EGS and hydrothermal cannot

Lower risk and project timeVirtually eliminates failed wells, the highest component ofgeothermal risk

Can augment underperforming projects with no risk to existingsystem

Easier permitting, reduced project timeframe

Modular design scales up or down to match resource and demand

Standardized components enable volume and learning curve costreductions

Higher efficiency and profitability

Extracts much more heat from a given resource compared tohydrothermal

CO2 turbines enable efficient power cycles

Flexible power generation is very attractive to utilities

Safe, environmentally sustainable

No GHG emissions

No geothermal process water consumption

No fracking, shearing, or induced seismicity

No waste streams

No dangerous chemicals or explosives

A Revolution in Power GenerationRenewable, baseload utility-scale power that

addresses both climate change and waterconsumption issues

SCO2 Flow

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ECO2G Unique Capabilities

• Greatly expands the range of geothermal power– Does not depend on natural fractures (permeability)

– Reduces consumption of increasingly scarce water

– Uses much higher percentage of a given resource

– Accesses heat that conventional geothermal can’t use

• Substantially reduces risk and project time– Sufficient heat is the main requirement; reduces drilling risk

– Scalable in 1 to 5 MW increments to match supply needs overtime

– Easier permitting (no fracking, injection, waste water)

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Why California Needs Flexible Power

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Spring Day

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CAISO “Duck Curve”Net Loads & Projected Ramping Needs

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CAISO, CAISO Time-of-use Periods Analysis. Report filed with the California Public Utilities Commission in OIR.15-12-012, “Order Instituting Rulemaking to Assess Peak Electricity Usage Patterns and to Consider Appropriate Time Periods for

Future Time-of-Use Rates and Energy Resource Contract Payments.” January 22, 2016, p.8.

March 31 Net Loads (2012-2020)

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Flexibility Issues for Geothermal Power• Technical: Cycling Steam Supply vs Bypassing Turbines

– Challenges for wet & dry steam & brine

– Potential advantages of ECO2G

• Economic: Lost Baseload Revenues

– Redefining payments and products for capacity & ancillaryservices, while LMP energy prices decline

– CAISO “flexi-ramp” & FERC products

• Regulatory and Contractual

– Curtailment, reliability & other contract provisions

– Revising CPUC “Least-cost, Best-fit” RFO criteria

– Cost causation –Who should pay? How to pay?10

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How to Increase Renewable Diversity

• Recognize geothermal power’s renewable fuelattributes, 24/7 reliability and security of heat supply,

• Add new geothermal facilities designed to provideboth baseload & flexible operations,

• Revise tariffs, contracts and payments,

• Carry out RD&D to level the playing field, e.g., bydemonstrating ECO2G’s innovative technology withno carbon emissions, no process water consumptionand flexibility.

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Appendix: Additional Slides

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Barriers to Increasing Geothermal Power• Technical barriers

– Site feasibility and transmission availability

– Declining conventional steam fields & unproductive wells

– Reliance on current wet and dry steam generation technology

– Need to integrate below- and above-ground design and demonstrateECO2G

• Economic, legal, regulatory and contractual barriers– Wholesale power prices that pay for performance

– Ancillary service/flexibility revenues that compensate for lostbaseload revenue

– Reduced interconnection costs/permitting, siting & licensing time

– Restructuring of existing contracts and devising new contract terms

– The usual financing & commercialization hurdles

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Research and Development Needs

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• Identification of existing geothermal sitesthat would benefit from additional capacity,

• Simplification of permitting/licensing forgreenfield sites and additions on existingsites,

• Testing and comparison of flexibleoperations at conventional & ECO2Ggeothermal.

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ECO2G Can Provide California:• Renewable zero carbon power generation to help reach

the RPS goal of 50% retail sales by 2030

• Reliable 24/7 dispatchable baseload generation

• Replacement baseload capacity as existing units retire

• Rejuvenation and expansion of existing geothermalpower sites

• Development of additional geothermal resources thatcannot be accessed with conventional technology

• Resource diversity to complement intermittent solar andwind

• Reduced water consumption

• Renewable fuel source with secure on-site delivery.15

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GreenFire Energy Team and Relationships

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ManagementTeam

Joseph Scherer, CEO: Attorney/MBA with 30+ years experience in project finance including renewable energy

Dr. Alan Eastman, Chief Technology Officer: PhD in chemistry with 37 patents, industrial experience

John Muir, VP Business Development: MBA with several successful exits in technology ventures

Mark P. Muir, Senior Consulting Scientist: MBA and geologist specializing in hydrogeology

Joseph Osha, CFO : MBA/CFA with extensive public and private market experience in renewable energy

AdvisoryBoard

Dr. Leland “Roy” Mink: Former Director of DOE Geothermal Technologies Program; expertise in geology,hydrogeology, and geothermal resource characterization

Lou Capuano, Jr.: 40 years of geothermal drilling expertise; widely recognized industry expert; current President ofthe Geothermal Resources Council (GRC)

Halley Dickey: 40 years of experience in power generation systems development; expert in geothermal powersystem design and SCO2 turbines

Dr. Andy Van Horn: 35+ years experience as an economic, technical and regulatory consultant to utilities, EPRI,EPA, IPP generators, and energy and environmental market participants

CollaboratingResearchPartners

U.S. Department of Energy

Lawrence Berkeley National Laboratory

Pacific Northwest National Laboratory

University of Utah

Electric Power Research Institute

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GreenFire Challenges/Requests

• Funding to study the potential for re-invigoratingexisting sites such as The Geysers, Coso andImperial Valley

• Fast-track permitting of ECO2G installationswithin conventional geothermal project sites

• Recognition of the importance of clean geothermalpower to:– balance California energy requirements,

– meet renewable power goals,

– reduce water consumption and carbon emissions.

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